Update on Control Premiums: What the Experts Say (PDF)

May 2015 978-1-62150-052-0 PDF

BVR (editor)

Business Valuation Resources, LLC

Control premiums and discounts for lack of control rank high on the list of the most litigated business valuation issues. Among others, the following matters lead to litigation and are frequently the subject of disputes in court:
  • Assuming discounted cash flow (DCF) method always produces minority/control value
  • Assuming guideline public company method always produces minority value
  • Using synergistic control premiums to quantify premium for control

BVR’s data-rich special report "Update on Control Premiums: What the Experts Say," presents both qualitative commentaries and case studies from numerous experts who address these issues. It is includes all the necessary quantitative considerations along with coverage of the controversies about the concepts and data, presenting all sides of the argument.

In addition, this special report offers a chapter with analysis from the Factset Mergerstat/BVR Control Premium Study, as well as an entire section that presents many state and federal court cases that deal with control premiums, discounts for lack of control, and more. The cases span a wide array of business valuation purposes including: bankruptcy, dissenting shareholder, estate and gift taxes, and marital dissolution cases.
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Table of Contents:

Introduction

Chapter 1. A Current View of Control Premiums and Discounts

Chapter 2. The Market Participant Acquisition Premium and Why Control Premiums Matter

Chapter 3. What’s Wrong With Control Premiums

Chapter 4. Normalizing Adjustments—Time to Revisit

Chapter 5. Using Closed-End Funds to Derive Discounts For Lack of Control

Chapter 6. Current Analysis From the Factset Mergerstat/BVR Control Premium Study

Court Case Summary Table

Case Digests